AAZ Anglo Asian Mining Plc

12 June 2024

Anglo Asian Mining plc

Tailings dam wall raise

Receipt of technical approval and a positive environmental report

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that its subsidiary, Azerbaijan International Mining Company Limited ("AIMC"), has received technical confirmation and a positive environmental report from the Government of Azerbaijan (the "Government") that its tailing dam wall is suitable for a final raise. The permission to begin construction is subject to certain administrative formalities by the Government which are expected to be completed shortly.

As previously announced, the Company has applied for Government permission to raise the wall of its existing tailings dam which is almost full. A further 7.0 metre raise will be carried out, taking the wall to its final design height. The raise will be carried out in two stages, with the first raise of 2.5 metres completed approximately three months after permission is obtained.

Having submitted all necessary documents in March 2024, the Ministry of Emergency Situations, the competent authority in Azerbaijan, has now confirmed to AIMC that the wall of its existing tailings dam is stable and is suitable for the proposed wall raise (the "Expert Opinion"). It also approved the construction design of the wall raise. The Azerbaijan Project and Construction Institute assisted in the technical evaluation. On 11 June 2024, the Ministry of Ecology and Natural Resources provided a positive environmental report confirming the wall raise can proceed (the "Environmental Report").

The issuance of the Expert Opinion and the Environmental Report completes the technical work required to raise the tailings dam wall. The Expert Opinion and Environmental Report will be submitted later today to the State Committee on Urban Planning and Architecture of Azerbaijan and the local Gedabek authorities for formal approval of construction. This is an administrative process which is expected to be completed shortly.

As previously stated, the Company will provide an update on production guidance in due course. The Company continues to prioritise the progression of its development portfolio, with the new Gilar mine expected to enter production in Q4 2024.

Reza Vaziri, Chief Executive Officer of Anglo Asian Mining, commented:

"We are delighted to announce that the Government of Azerbaijan has approved all technical and environmental aspects for the wall raise of the tailings dam. We are not expecting the final administrative formalities required before the permission is issued to take very long. This achievement marks another significant milestone for Anglo Asian in its return to normalised trading. With an exciting portfolio of development assets, we remain committed to our growth strategy of transitioning to a mid-tier miner and generating significant value for all of our stakeholders."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

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Notes to editors

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 31,821 gold equivalent ounces ("GEOs") for the year ended 31 December 2023. 

On 30 March 2023, the Company published its strategic plan for growth which shows a clearly defined path for the Company to transition to a multi-asset, mid-tier, copper and gold producer by 2028, by which time copper will be the principal product of the Company, with forecast production of around 36,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during the period 2024 to 2028 at Zafar, Gilar, Xarxar and Garadag. 

https://www.angloasianmining.com/